Target Reports Higher Profits in Q3; Beats Estimates (TGT)
Discount retailer, Target Corporation(TGT) reported increased profits, beating analysts estimates Thursday.
The Minneapolis, MN based company reported third quarter earnings of $637 million, or 96 cents per share, up 12.8% from last years earnings of $555 million, or 82 cents per share. Excluding special items, earnings for the quarter were 81 cents per share, beating analysts estimates of 77 cents.
Revenue increased to $16.93 billion, from $16.40 billion last year. Analysts expected revenue of $16.93 billion.
Looking ahead, the company expects to see forth quarter earnings in the range of $1.45 to $1.55 per share. Analysts are expecting EPS of $1.51 with $22.66 billion in revenue.
Target shares were up 82 cents, or 1.34% during premarket trading Thursday. The stock is down -1.03% YTD.
The Bottom Line
Shares of Target (TGT) have a 2.35% dividend yield, based on last night’s closing stock price of $61.38. The stock has technical support in the $57-$58 price area. The stock is trading near the all-time high range of $64-$66 a share.
Target Corporation(TGT) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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